FBI Heads to Jamaica

Federal Bureau of Investigation to help probe fraud at Jamaican investment firm SSL

The Jamaican government announced that the United States Federal Bureau of Investigation (FBI) will assist local authorities in the investigation of the alleged multi-million-dollar fraud at investment firm, Stocks and Securities Limited (SSL)

“No stone will be left unturned,” Finance Minister Dr Nigel Clarke told a news conference as he delivered a special policy address on regulation of the financial sector in response to the scandal that has rocked the nation

“The investigative authorities have full operational independence and will pursue the facts wherever they may lead They will unearth exactly how funds were allegedly stolen, who benefited from such theft and who organized and collaborated in this ”

Clarke said the probe will also seek to identify whether assets have been acquired locally or overseas with the proceeds of the alleged fraud and if and when such assets are identified, “all legal steps will be taken to restrain these assets with the intention of full forfeiture”

Last week, Prime Minister Andrew Holness, said no effort will be spared in uncovering the full extent of the fraud at the SSL, whose clients included eight-time Olympic champion Usain Bolt Bolt has indicated through his lawyer that he had a balance of US$12 7 million at SSL as at October 31, 2022, but that figure declined to US$12,000 on January 11

The attorneys representing Bolt have given SSL ten days to return the track star's investments “ or face a huge lawsuit”

Holness, who indicated that he was briefed on the matter, said he is concerned and sympathetic to the hard-working Jamaicans who are uncertain of the status of their funds invested with SSL

Clarke said the Police Fraud Squad and the Financial Investigations Division had sought assistance from the FBI and other international partners

Clarke also named Bank of Jamaica (BOJ) Governor Richard Byles as the new chairman of the Financial Services Commission, and that BOJ executives Wayne Robinson, senior deputy governor; George Roper, deputy governor; and Jide Lewis, deputy governor will serve on the continues onA5 – FBI intervenes